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Browsing: Ghana’s Economic Challenges
- Despite Ghana’s economic woes, Fitch Solutions maintains a 2.9 per cent GDP growth for 2023. The IMF and the World Bank project growth rates below 2.0 per cent.
- The IMF estimates that public debt will remain at 87.8 per cent of GDP in 2023 and 89.2 per cent of GDP in 2024
- Ghana can enhance downstream value-added activities, stabilise petroleum prices, create jobs in the refining industry.
Ghana, previously known as one of Africa’s fastest-growing economies, has encountered obstacles to its growth trajectory due to the economic downturn caused by falling oil prices and the Covid-19 pandemic. This trend has continued to evolve, with economic growth slowing down to 3.6 per cent of GDP in 2022 amidst the global economic shock resulting from the Russia-Ukraine war.
The International Monetary Fund (IMF) estimates that GDP growth is expected to further decrease to 2.8 percent in 2023 before rebounding to 3.9 percent …